Whalesbook
Ab Vi ko paison ki bahut zaroorat hai kyunki network pe bahut kharcha karna hai aur spectrum ke liye bhi heavy payments karni hain. Isliye, company ne ek ambitious financial plan nikala hai.
Inka plan hai ki FY29 tak ₹1 lakh Crore se zyada collect karein. Is funding mein se ₹45,000 Crore network upgrade pe lagane hain, ₹49,000 Crore spectrum liabilities ke liye aur ₹5,000-6,000 Crore debt servicing ke liye. Main goal hai EBITDA ko triple karna, jisse FY27-FY29 mein roughly ₹60,000 Crore cash EBITDA se aa sakta hai. Aur paison ke liye yeh ₹25,000 Crore ka naya loan aur ₹35,000 Crore ki letter of credit facility bhi dhoondh rahe hain. Plus, ₹10,000 Crore tax refunds aur adjustments se bhi expect kar rahe hain, aur promoters se bhi thoda extra fund aa sakta hai.
Abhi inone 6 saal baad pehli baar consolidated net profit ₹51,970 Crore report kiya hai March quarter FY26 mein. Lekin yeh profit basically statutory liabilities mein mili relief ki wajah se hai, operational performance abhi bhi kamzor hai. Same quarter mein operational loss tha ₹5,515 Crore ka aur poore FY26 mein ₹24,059 Crore ka loss (one-off items se pehle). Revenue bhi sirf 3% badh kar ₹44,782 Crore hui FY26 mein, jo dikhata hai ki business mein koi khaas growth nahi hai.
Market mein bhari competition hai. Bharti Airtel jiska market cap ₹4 lakh Crore hai aur Reliance Jio jiska ₹15 lakh Crore hai, yeh sab Vi se kaafi aage hain. Vi ka market cap toh lagbhag ₹50,000 Crore hai aur debt bhi bohot zyada. Competitors toh 5G pe zor laga rahe hain, wahan Vi ke spending limits zyada clear hain.
Debt ka toh kehna hi kya! March 31, 2026 tak spectrum payments ke liye ₹1,27,360 Crore aur AGR (Adjusted Gross Revenue) ke liye ₹25,254 Crore baki hain. Agle saal matlab FY27 mein ₹7,076 Crore dene hain, par Bofa Global Research bata raha hai ki yeh payments bahut badhengi. Pehle saal ₹7,000 Crore, doosre mein ₹15,000 Crore aur teesre mein ₹27,000 Crore tak ja sakti hain. Yeh next 3 saalon ke baad cash flow par bahut pressure dalega. CFO ne kaha hai ki payments change karne ka koi plan nahi hai abhi.
Toh bhai, Vi ka chalna pura tarah se bahari funding aur EBITDA badhane par depend karta hai, jo historically mushkil raha hai. Yeh jo profit aaya hai woh temporary hai, operational losses chhupa raha hai aur competitors se takkar lena mushkil hai. Analysts bhi thode worried hain inke cash aur debt ko leke. Long-term survival abhi bhi uncertain lag raha hai, unke liye yeh ek bada challenge hai.